🔍Singapore has updated its National Risk Assessment (NRA) on money laundering, identifying significant threats, especially in the financial sector. Digital payment token (DPT) service providers pose increased vulnerability.

• The banking sector, including asset management, is considered the most risky.

• DPT providers are identified as a high risk category.

• Despite the relatively small share of DPT's global activities in Singapore, the authorities carefully monitor the associated risks.

• The main money laundering threats in Singapore come from fraud, organized crime, corruption, tax crimes and trade-based money laundering.

In April, the Monetary Authority of Singapore announced amendments to the country's Payment Services Act to expand the scope of regulation of DPT services.